■ 苏诗钰 日前，A股市场年成交额首破400万亿元。截至12月23日收盘，A股市场年内累计成交额达407.82万亿 元，较去年同期增长58.49%。超过98%的交易日成交额维持在万亿元以上，其中成交额突破2万亿元的 交易日占比23.6%。这份沉甸甸的数据，折射出资本市场的旺盛活力。 笔者认为，成交额的历史性突破，是政策赋能、资金集聚与产业升级协同共振的必然结果。 一方面，今年以来，资本市场改革持续深化，释放制度红利。监管部门推出一系列改革举措，服务科技 创新和新质生产力发展，激发多层次资本市场活力；推动多元常态化退市机制持续显效，形成"优胜劣 汰"的良性生态；同时，持续推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组 等市值管理工具，持续提升公司投资价值。从资金端看，险资、社保基金等长期资金稳步入市，中国资 产因估值优势持续吸引外资流入，这为成交额的稳步攀升提供了坚实支撑。 当然，在市场活跃度提升的同时，更要坚守"稳"与"进"的辩证统一。日前召开的中央经济工作会议提 出"持续深化资本市场投融资综合改革"，彰显了党中央对资本市场发展的高度重视。未来，需要进一步 优化市场环境，强化风险防控，引导成 ...

Core Insights - The global economy in 2025 demonstrated impressive resilience amidst multiple shocks, characterized by enhanced risk prevention capabilities and self-correcting abilities [14][15][16] - Emerging markets and developing economies are expected to be the main contributors to global growth in 2025, with a projected global economic growth rate of 3.2% for 2025 and 2.9% for 2026 [14][17] - China is positioned as a "stabilizing anchor" for the global economy, showcasing strong resilience and vitality despite external challenges [11][21] Economic Performance - The OECD forecasts global economic growth rates of 3.2% for 2025 and 2.9% for 2026, driven by expansionary macro policies and positive expectations for new technologies [14] - The IMF noted a resilient start to 2025, but indicated signs of a gradual slowdown as supportive factors diminish [14][15] - The global economy is expected to maintain a growth rate between 3.1% and 3.2% in 2025, influenced by geopolitical tensions and trade policy uncertainties [17] Challenges and Opportunities - The world economy is anticipated to face challenges in 2026, including uncertainties from U.S. tariff policies and the impact of technological advancements on employment and productivity [20][18] - The transition to a more stable economic environment in 2026 will rely on technological progress and free trade [17][20] - The rise of artificial intelligence presents both opportunities and risks, with its potential to drive economic growth while also posing challenges to labor markets [19][18] China's Role - China is expected to play a crucial role in global economic stability, with its economic policies reflecting a commitment to high-level openness and reform [21][23] - The Chinese economy is projected to grow by around 5% in 2025, providing significant support to the global economy [22][23] - China's focus on high-tech manufacturing, green development, and artificial intelligence is set to dominate its export landscape, contributing to global supply chains [24][23]

Group 1: Real Estate Policy - Beijing has implemented new real estate policies to stabilize the market, including reducing the social security or tax payment duration for non-Beijing residents to purchase homes within the Fifth Ring Road from 3 years to 2 years, and from 2 years to 1 year outside the Fifth Ring Road [2][7] - The new policies also support multi-child families, allowing eligible families to purchase additional homes within the Fifth Ring Road [2][7] - Credit policies have been optimized, with no distinction between first and second home loan interest rates, and the down payment ratio for second homes using public housing funds reduced to 25% [2][7] Group 2: Currency and Commodities - The offshore RMB briefly surpassed the 7.0 mark against the USD, reaching a low of 6.9999, driven by improved supply-demand dynamics and a declining USD index [2][7] - The global precious metals market saw significant gains, with gold surpassing $4500 per ounce, silver exceeding $72 per ounce, platinum breaking $2300 per ounce, and copper reaching $12159.50 per ton, influenced by liquidity expectations and supply-demand imbalances [2][7][8] Group 3: Stock Market Activity - A-shares financing balance reached a historic high of 25,145.96 billion yuan, increasing by 6,764.47 billion yuan since the second half of the year, indicating heightened market activity [3][8] - The AI hardware sector saw strong performance, with companies like Zhongji Xuchuang and Yingweike reaching new highs, following news of Nvidia's plans to deliver H200 chips to China [3][8] - Intel's stock fell over 5% in pre-market trading due to Nvidia pausing tests on Intel's 18A process technology, raising concerns about Intel's market position despite previous investments [3][8] Group 4: Economic Outlook - Analyst Ren Zeping describes the current bull market as a once-in-a-decade event, driven by policy easing, technological revolutions, and abundant liquidity, which are expected to support economic recovery and market growth [4][9] - The National Development and Reform Commission plans to accelerate the introduction of major foreign investment projects and improve the business environment to attract foreign capital [5][9] - The central bank and eight departments issued guidelines to support the construction of the Western Land-Sea New Corridor, proposing 21 measures to enhance financial cooperation and promote high-quality development [5][10]

辽宁股交中心相关负责人日前在接受中国证券报记者专访时表示，辽宁股交中心将持续聚焦以高新技术 和专精特新为代表的科创企业引入，不断完善综合服务体系，积极打造中小微企业孵化培育平台、投融 资对接平台和拟上市企业规范辅导平台，精准赋能科技型中小企业发展。 提高服务精准度 近年来，辽宁出台了《辽宁省金融支持科技型企业全生命周期发展若干举措》等一批政策文件，构建起 契合科技型企业全生命周期需求的多层次科技金融服务体系，一批优质企业快速成长、不断壮大。 丰富融资渠道 为更好地服务科技型中小企业，辽宁省地方金融管理局推出了"创投辽宁"股权投融资平台等一系列举 措。辽宁股交中心与辽宁金科公司不断完善平台功能，持续探索实践，丰富企业直接融资渠道。 "创投辽宁"股权投融资平台能实现企业融资需求一键发布、投资机构集中展示，项目筛选方便快捷，企 业评价准确可靠，核心信息安全可控，线上线下全面覆盖。 "我们通过创业投资项目库、专精特新专板、创投辽宁平台一体化服务，助力全省创投生态建设。"上述 负责人表示，截至2025年11月底，"创投辽宁"股权投融资平台累计发布企业融资项目580个，覆盖半导 体、人工智能、高端装备、新能源、生物医药等 ...

Group 1 - The People's Bank of China and eight other departments support the exploration of cross-border payment trials with Singapore using digital RMB [1][4] - The new "Encouraging Foreign Investment Industry Catalog (2025 Edition)" has been released, increasing the total entries to 1,679, with a net addition of 205 entries compared to the 2022 version [3] - The production value of China's productive service industry has grown from 19.8 trillion RMB in 2016 to 41.1 trillion RMB in 2024, with a compound annual growth rate of 9.5% [6] Group 2 - The establishment of the Western Land-Sea New Corridor Fund in Chongqing aims to support infrastructure and industrial park construction along the corridor [7] - SMIC has notified customers of a 10% price increase for its 8-inch BCD process platform, with similar price adjustments reported by World Advanced [8]

提高服务精准度 近年来，辽宁出台了《辽宁省金融支持科技型企业全生命周期发展若干举措》等一批政策文件，构建起 契合科技型企业全生命周期需求的多层次科技金融服务体系，一批优质企业快速成长、不断壮大。 "辽宁股交中心是多层次资本市场的重要组成部分。作为辽宁重要的金融基础设施和企业上市培育基 地，辽宁股交中心将支持科技创新作为重要职责，通过设立专精特新专板、瞪羚独角兽专板等板块及综 合服务，不断提高科技金融服务的精准度，持续赋能科技型中小企业发展。"该负责人说。 截至2025年11月底，辽宁股交中心挂牌企业中，高新技术、瞪羚独角兽及专精特新等科创企业占比达 41%。培训培育企业覆盖全省95%的县区及中心90%以上的挂牌企业。 该负责人表示，辽宁股交中心逐渐成为辽宁科创企业的聚集地。通过专业化、综合化的金融服务，多数 企业实现了从"管理"到"治理"的飞跃，科技研发及创新能力持续提升。 ● 本报记者 宋维东 辽宁股交中心相关负责人日前在接受中国证券报记者专访时表示，辽宁股交中心将持续聚焦以高新技术 和专精特新为代表的科创企业引入，不断完善综合服务体系，积极打造中小微企业孵化培育平台、投融 资对接平台和拟上市企业规范辅导平 ...

Core Viewpoint - The People's Bank of China and eight other departments have jointly issued guidelines to enhance financial services for the Western Land-Sea New Corridor, proposing 21 key measures to improve financial resource allocation, optimize settlement systems, and expand the use of the Renminbi in cross-border transactions [1][2][3][4] Group 1: Financial Support Measures - The guidelines emphasize the need for financial institutions to establish specialized service mechanisms and encourage joint credit mechanisms among qualified institutions to support cross-regional operations [1] - Financial institutions are encouraged to provide reasonable financing and bill discounting support to eligible small and medium-sized logistics enterprises [2] - A new fund will be established in Chongqing to support infrastructure and industrial park development along the corridor, with strategic resource support sought from institutions like the Asian Development Bank [2] Group 2: Cross-Border Financial Services - The guidelines aim to facilitate cross-border trade settlements and promote the use of the Renminbi, with a focus on strengthening bilateral currency cooperation with Southeast and Central Asian countries [3] - Qualified banks in the corridor regions will be supported to join the Renminbi cross-border payment system, enhancing the efficiency of cross-border payments [3] - The establishment of a comprehensive financial service platform named "Central Bank Western Land-Sea Smart Integration" is planned to support financial data sharing and project financing [3] Group 3: Market Connectivity and Digital Finance - The guidelines propose exploring interconnectivity between domestic and foreign financial markets, allowing qualified banks to issue cross-border loans to enterprises in ASEAN countries [4] - There is an emphasis on deepening the Qualified Foreign Limited Partner (QFLP) pilot program and exploring international cooperation in digital finance [4] - The guidelines support participation in multilateral central bank digital currency bridge projects, promoting the use of central bank digital currencies in cross-border payments with countries like Thailand and the UAE [4]

Group 1: Gold Market Trends - The price of gold has surged to 1166 RMB per gram, attributed to the Federal Reserve's interest rate cuts since last year [1] - Goldman Sachs predicts that gold prices could reach 4900 USD per ounce, approximately 30% higher than current levels [1] - The international gold price has shown an upward trend, reaching 4486.05 RMB, with a daily increase of 42.49 RMB, representing a rise of about 0.96% [2] Group 2: Other Precious Metals - Platinum prices have significantly increased to 2243.348 RMB, up by 119.95 RMB, with a notable rise of 5.65% [2] - Silver prices have also seen a slight increase, currently at 69.64 RMB, up by 0.62 RMB, with a rise of 0.90% [2] - Palladium prices have climbed to 1905.35 RMB, increasing by 74.45 RMB, reflecting a rise of approximately 4.07% [2] Group 3: Central Bank Actions and Investment Sentiment - Central banks in countries like China and Poland have been increasing their gold reserves for asset security rather than for profit [4] - Gold is viewed as a hedge against dollar risk, especially in uncertain financial climates [4] - Investing in gold is complex for ordinary investors due to costs like storage fees and market volatility [4]

Economic Growth - The US GDP for Q3 recorded an annualized growth rate of 4.3%, exceeding the expected 3.3%[2] - Year-on-year growth increased to 2.3%, but remains below last year's 2.8%[2] - Key contributors to the 4.3% growth were personal consumption (2.4 percentage points) and net exports (1.6 percentage points)[2] Employment and Consumption - There is a divergence in economic performance, characterized as "growth in summer" and "employment in winter"[2] - Non-cyclical sectors showed strong growth, while cyclical sectors experienced increased weakness[10] - Private consumption remains strong overall, but there is a notable disparity within consumption categories, with disposable income growth slowing[19] Investment Trends - AI-related investments contributed 0.8 percentage points to GDP, while private consumption added 1.1 percentage points, indicating a dual-engine growth model[10] - Despite strong AI investment, traditional sectors like residential investment remain weak, questioning the effectiveness of interest rate cuts[15] Risks and Uncertainties - Increased policy uncertainty under Trump may lead to greater market volatility and faster capital flight from the dollar[32] - Global economic impacts from tariffs could lead to unexpected synchronized easing in 2026, alleviating long-term interest rate pressures[32] - The potential for significant manufacturing cost reductions due to technological breakthroughs could increase credit demand[32]

Core Insights - Mexican financial assets are experiencing one of their strongest years in decades, significantly outperforming Wall Street benchmarks [1] - The year 2025 has become historic for Mexican assets, with a synchronized rally in equities and the Mexican peso [1] Market Performance - The iShares Mexico ETF (NYSE:EWW) has surged over 50% year to date, marking its best performance since 1999, while major U.S. benchmarks like the Vanguard S&P 500 ETF (NYSE:VOO) and Invesco QQQ Trust (NASDAQ:QQQ) gained approximately 17% and 21% respectively [2] - The Mexican peso has appreciated by more than 14% against the U.S. dollar, on track for its best annual performance since 1993 [3] Monetary Policy Impact - The Bank of Mexico (Banxico) has cut interest rates by 300 basis points since the start of the year, reducing the policy rate to 7%, which has injected liquidity into the economy and supported investor confidence [6] Individual Stock Performance - Mining and materials firms have seen substantial returns, with Industrias Peñoles S.A. de C.V. rising over 260%, Gentera SAB DE CV climbing over 100%, and both CEMEX SAB DE CV and Grupo México SAB DE CV increasing more than 80% [7] Economic Context - Despite the market rally, Mexico's economy contracted in the third quarter, with GDP falling 0.2% after flat growth in the second quarter, leading Banxico to lower its growth outlook for 2025 to 0.3% [9] - Factors such as declining remittances, modest job creation, slowing credit growth, and weak consumer confidence are negatively impacting the economy [10] Future Outlook - Potential catalysts for the Mexican economy include the FIFA World Cup and the finalization of the USMCA, which could alleviate trade-related uncertainties [11] - If economic weakness persists, Banxico may continue to cut rates to stimulate demand, while investors remain focused on falling rates and currency strength [11]